Electricity prices Tuesday, 14 May 2024
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Today's and Tomorrow's Electricity Prices: An Overview
Today, on May 14, 2024, we have witnessed a remarkable variation in electricity prices throughout the day, ranging from actually getting paid for electricity usage to paying for higher consumption during the morning hours. This dynamic continues into tomorrow with similar patterns.
The Rollercoaster of Electricity Prices
During the early morning hours today, we saw electricity prices ranging between 17.71 and 14.46 öre per kWh, which is relatively standard for those hours. However, the unique occurrence happened between 10:00 and 16:00, where the electricity price not only dropped to near zero but actually went negative, meaning consumers were "paid" to use electricity. The lowest price was recorded at 14:00 with -5.85 öre per kWh. This trend of negative prices sporadically continues until 23:00.
Expectations for Tomorrow
For tomorrow, May 15, 2024, a similar trend is predicted where electricity prices start at negative -0.25 öre at midnight and gradually increase during the morning. The highest cost is expected to be at 08:00 with 43.36 öre per kWh, reflecting a typical morning demand peak.
Economic Impact of Electricity Prices
The negative electricity prices we are seeing may seem like a dream for consumers, but they also bring important economic and operational considerations for energy companies and the balance in the energy system. These phenomena usually occur when there is an excess of renewable energy production and low demand.
Smart Consumption Can Pay Off
Taking advantage of these times with low or negative electricity prices can lead to significant savings. For example, charging an electric car during the cheapest hour today would "cost" you -3.51 kronor for 60 kWh, which presents an incredible opportunity for savings. On the opposite spectrum, during the most expensive hour, the same amount of energy would cost 40.09 kronor.
Practical Tips
To maximize these savings, consider scheduling energy-intensive activities such as dishwashing and laundry during times of low or negative prices. With smart home systems and a little planning, you can fully benefit from these unique market conditions.
Fun Fact: Cost for Annual Consumption
An interesting calculation shows that if we had the lowest electricity price throughout the year, it would have cost -1,053 kronor to heat a medium-sized house of 160 sqm, while during the most expensive hours, it would have cost 12,029 kronor for the same consumption.
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